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it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be some pain. $2.8 trillion. that's 17% of our debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> well, the reason i would say it's not going to be 17% of our debt on that because right now, we're running a trillion dollar deficit year single year. if we went back to zero, we're rebalanced. right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of that. the affordable care about actually begin on january 1st as well for people making $200,000 or more. or people having large medical bills. this is talking about an additional tax incr
it would slow down the economy. >> when you look at economist's evaluations, it would slow down the economy. it would. there's no question about it. but if the problem is that we have a lot of debt and there has to be some pain whether it be in cuts or the form of higher tax revenues, it means there has to be some pain. $2.8 trillion. that's 17% of our debt wiped out overnight. if you're worried about the debt, how can't you look at that seriously? >> well, the reason i would say...
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they chose in a weak economy in 2010 not to do that because they knew that would hurt the economy. quite frankly, we have the same economy now that we had two years ago. consumer confidence is up, but total gdp growth has done down the last two years slightly but continuing to go down. we're not in a better spot right now to raise taxes like two years ago. >> tom coburn is talking about getting the rates up for the top 2%. here he is on abc news. just want to play it. >> okay. >> sorry. i'll read it to you. it's a graphic. we have no leverage on that, so whether we want taxes to go up or not, they're going to. we can't stop it from happening. the real elephant in the room is entitlements. taxes go up at the beginning of the year if you don't do a deal. the only deal is have them go up on fewer people than they otherwise would. that seems to be something that a republican would -- you don't have a lot of leverage? >> that's the challenge dealing with democrats like howard dean and others that say let's raise it on everybody. that creates this situation where we haves in a bad idea.
they chose in a weak economy in 2010 not to do that because they knew that would hurt the economy. quite frankly, we have the same economy now that we had two years ago. consumer confidence is up, but total gdp growth has done down the last two years slightly but continuing to go down. we're not in a better spot right now to raise taxes like two years ago. >> tom coburn is talking about getting the rates up for the top 2%. here he is on abc news. just want to play it. >> okay....
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rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. [ woman ] ♪ what i want this season ♪ if you'd like to try and guess ♪ ♪ it is something very special ♪ i would readily confess [ dogs barking ] ♪ 'cause all i want this season ♪ ♪ is something from your heart ♪ la da da, la da da [ male announcer ] thinking of others this holiday season, travelers. >>> we're back with tonight's outer circle where we reach out to our sources around the world and we go to cairo where three advisers to president mohamed morsi have stepped down as violence has intensified. demonstrators set fire to oofss of the muslim brotherhood. reza is in cairo. >> reporter: president morsi thought he was going to have a cake walk to the nationwide referendum on december 15th on the co
rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. [ woman ] ♪ what i want this season ♪ if you'd like to try and guess ♪ ♪ it is something very special ♪ i would readily confess [ dogs barking ]...
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-- have such a forceful impact on the economy. that is a political decision more than it's an economic discussion right now. >> peter, i'm going to give you the last word. >> it's really a political issue. this is not the right time to be cutting. maybe another six months. however, the president sees this as an opportunity to get the cuts in ways that he likes best because he won the election. fair enough. so the president sees a political opportunity. i think there's some danger here by not just renewing all these tax cuts and sitting down and talking about tax reform and spending cuts by midyear, that there's a real danger that we could tumble the economy. >> all right. peter, ali, thank you so much. we'll be waiting. obviously, days away to see what's going to happen here. thank you. >>> one of the most staunchly conservative members of the u.s. senate calling it quits. senator jim diment announced he will resign from congress at the end of the month. he is leaving to take over the think tank the heritage foundation. he says he
-- have such a forceful impact on the economy. that is a political decision more than it's an economic discussion right now. >> peter, i'm going to give you the last word. >> it's really a political issue. this is not the right time to be cutting. maybe another six months. however, the president sees this as an opportunity to get the cuts in ways that he likes best because he won the election. fair enough. so the president sees a political opportunity. i think there's some danger...
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economy. >> can you get the backlog up and running? will the store shelves be filled up again and will back orders be filled? >> it will take five or six days to do that and then we got to work around the clock to get the goods to people to make sure that santa has all of the presence under the tree and hanukkah is being celebrated. >> okay. so next question. this has to do with pot. we opened the show with the issue of pot. it is an issue that your state knows intimately with medical marijuana be legalized. you have a complex relationship with that legalization. i don't want to get into your local issues. i want to get into your issues with the fed. so many people don't understand how these federal laws that continue to ban marijuana sale, use, trafficking, et cetera, will reconcile with state laws that are allowing it. have you had complex conversation with eric holder and the feds on backing off and allowing states to do their things? >> no, i haven't. i believe that the governor has but we've had our own problems locally because ou
economy. >> can you get the backlog up and running? will the store shelves be filled up again and will back orders be filled? >> it will take five or six days to do that and then we got to work around the clock to get the goods to people to make sure that santa has all of the presence under the tree and hanukkah is being celebrated. >> okay. so next question. this has to do with pot. we opened the show with the issue of pot. it is an issue that your state knows intimately with...
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the new 2013 ram 1500. ♪ with the best-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >>> as of today, we're 1433 days away from the next presidential election. >> for pollsters and politicians, it's not too soon to be thinking and looking ahead. jim acosta is here with some of the new numbers getting a lot of attention. >> and we're counting down those days, it's not that many. another sign that there is no cure, washington is buzzing with talk of 2016 just as voters are trying to put the last election behind them. some potential candidates are doing little to hide their intentio
the new 2013 ram 1500. ♪ with the best-in-class fuel economy. engineered to move heaven and earth. ♪ guts. glory. ram. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america...
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an i buss in the plants and here's an opportunity to give back, you know, something to the american economy. the way you look at things is, you know, the company is going to be spending $100 million in terms of bringing back jobs to the u.s. some may say $100 million, you know, is not a lot of money considering that apple has more than $100 billion in the bank. but i think this is a positive sign in terms of how many workers we're talking about here -- >> how many jobs? >> reporter: we don't know precisely or the skills necessary. it's a great question. probably in the thousands of jobs. remember, this is one existing mac line. this is not the iphone or ipad. one line but probably in the thousands, brooke. >> in the thousands. and so, apple chock eed up the one-day stock drop. do you think the shift, has to be a profitable move for apple hopefully. >> reporter: well, you know, there are two ways of looking at it. you are using cheap labor in china. not going to have that in the united states and also you're talking about adding infrastructure costs. how that might impact the bottom line, yo
an i buss in the plants and here's an opportunity to give back, you know, something to the american economy. the way you look at things is, you know, the company is going to be spending $100 million in terms of bringing back jobs to the u.s. some may say $100 million, you know, is not a lot of money considering that apple has more than $100 billion in the bank. but i think this is a positive sign in terms of how many workers we're talking about here -- >> how many jobs? >> reporter:...
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egypt's economy is stagnant. getting the imf loan of $4.8 billion, $6 billion promised from the eu, and this money from us will matter a lot. at the end of the day, morsi has to deliver. morsi has to provide food and jobs and employment for his people. that's what will create buy in. >> jane, real quick, because we never have enough time, i want to quickly get your take on syria. secretary of state clinton meeting with the russian foreign minister as well as the u.n. envoy to syria. with so much concern about the threat of chemical weapons at this point, do you think there are any diplomatic options left? >> i think the play -- and hillary clinton met twice today with russian foreign minister lavrov -- is to get russia in the tent with the rest of the world. everyone has predicted, when facts on the ground change, russia will be there. this could be a reset moment for vladimir putin, and he could, because of his unique sway in the area, persuade, i would think, the bashar family to step aside and create a peacefu
egypt's economy is stagnant. getting the imf loan of $4.8 billion, $6 billion promised from the eu, and this money from us will matter a lot. at the end of the day, morsi has to deliver. morsi has to provide food and jobs and employment for his people. that's what will create buy in. >> jane, real quick, because we never have enough time, i want to quickly get your take on syria. secretary of state clinton meeting with the russian foreign minister as well as the u.n. envoy to syria. with...
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when americans spend, carol, the economy grows. that ends up translating to investors as being more confident. confident enough to buy into the market. since most 401(k)s closely track the s&p 500, this 10% to 15% rise cohen is expecting would be great for your retirement savings. if you start the year with, say, $30,000 and the index gains 15%, you're looking at almost $5,000 in gains. so it probably won't surprise you that the fiscal cliff, though, is a concern. but, you know what, cohen says even if the market is shaky at the start of 2013, the gains the second half of the year will make up for it. carol? >> that's a pretty rosie outlook. there must be a counter argument. all the other -- i hear such dire things. >> of course. you know, there are other big financials that release their outlooks, too, carol. most are generally positive, though. there are some pessimists out there. wells fargo strategists expects stocks to decline next year and points to slowing growth and uncertainty about the economy. expects just a modest gain
when americans spend, carol, the economy grows. that ends up translating to investors as being more confident. confident enough to buy into the market. since most 401(k)s closely track the s&p 500, this 10% to 15% rise cohen is expecting would be great for your retirement savings. if you start the year with, say, $30,000 and the index gains 15%, you're looking at almost $5,000 in gains. so it probably won't surprise you that the fiscal cliff, though, is a concern. but, you know what, cohen...
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could get hit in the early part of the area if we go over the fiscal cliff, but the fundamentals of the economy are still good. >>> all right. apple stock dropped more than 6% yesterday. shares were down about half a percent in pre-market trading this morning. no concrete news pushing them down, but today there's another hearing in the patent case with samsung in california. and a tech research report generatored a lot of buzz that apple's tablet competitors could eat into its market share. >> interesting. >> thanks, christine. >>> well, the good news is, let's do the fiscal cliff and the good news. and it's not very much. but at least the two sides are talking, by phone. not face to face. house speaker john boehner and the president are hoping to break the fiscal cliff ice. now we're just mixing metaphors, left and right. speaking on the phone, 26 days left, of course, until we tumble over the cliff or slide down the slope or fall off the precipice or however you want to put it. we could, of course, face massive tax hikes, spending cuts. that's what the fiscal cliff is all about. it would all
could get hit in the early part of the area if we go over the fiscal cliff, but the fundamentals of the economy are still good. >>> all right. apple stock dropped more than 6% yesterday. shares were down about half a percent in pre-market trading this morning. no concrete news pushing them down, but today there's another hearing in the patent case with samsung in california. and a tech research report generatored a lot of buzz that apple's tablet competitors could eat into its market...
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the head of starbucks has sobering thoughts about the state of the economy. >> we'll bring that to you. but then...it wouldn't be stouffer's mac & cheese. just one of over 70 satisfying recipes for one from stouffer's. it's hard to see opportunity in today's challenging environment. unless you have the right perspective. bny mellon wealth management has the vision and experience to look beyond the obvious. we'll uncover opportunities, find hidden risk, and make success a reality. bny mellon wealth management who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] dosing and application sites between these products differ. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see unexpected signs o
the head of starbucks has sobering thoughts about the state of the economy. >> we'll bring that to you. but then...it wouldn't be stouffer's mac & cheese. just one of over 70 satisfying recipes for one from stouffer's. it's hard to see opportunity in today's challenging environment. unless you have the right perspective. bny mellon wealth management has the vision and experience to look beyond the obvious. we'll uncover opportunities, find hidden risk, and make success a reality. bny...